WashingtonBusiness Insurance

Find the Best Business Insurance Options in Washington

If you run a company in Washington, you should protect it adequately with a business insurance policy. Though Washington is an attractive state to start a business in thanks to its climate, landscape, tourist draw, and many other factors, it's still vulnerable to many risks, including storms. Without the right kind of business insurance, your company could be subject to large financial losses.

Washington's state currently has nearly 609,000 small businesses, and its 1.4 million small business employees need protection just as much as their employers do. Fortunately, an independent insurance agent near you can help your company get set up with the proper coverage. For starters, though, here's a deep dive into Washington business insurance.

Best Business Insurance Companies in Washington

Though many different insurance companies in Washington offer business insurance, some are just better than others. So we've put together a list of just the best options for you. Start by checking out our top picks for business insurance in Washington State when you're ready to get coverage for your company.

• Travelers: Travelers is a carrier that sells business insurance and several personal coverages. The carrier is known for its great customer service and many discounts.
• Nationwide: Nationwide also sells business insurance and several personal coverages. The carrier has excellent ratings from both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
• Progressive: Progressive sells many coverages in addition to its business insurance options. The carrier has excellent financial strength ratings, offers many discounts, and provides 24/7/365 customer service. 
• Liberty Mutual: Liberty Mutual sells many different business and personal insurance products. The carrier is a Fortune 500 company with outstanding ratings from AM Best and the BBB and offers 24/7 claims reporting.

A Washington independent insurance agent can help you get the business insurance you need from one of these outstanding carriers in your state.

Washington Business Insurance Requirements

In Washington, all employers are required by state law to provide workers' compensation coverage. This is the only Washington state-mandated type of business insurance coverage that you must carry. However, many optional forms of business insurance are highly recommended, including business income coverage to protect against lost income and employee wages during temporary covered closures after a disaster like a fire. Having commercial general liability coverage is also critical to get reimbursed for lawsuits filed against your business by third parties. You may also require commercial auto insurance if your business uses any company vehicles.

Washington state law requires all businesses to carry workers' comp. Thus, the only state-mandated type of business insurance is:

• Workers' compensation

A few kinds of business insurance coverage that are optional in Washington include:

• Commercial general liability insurance
• Cyber liability insurance
• Commercial auto insurance
• Professional liability insurance
• Business income insurance
• Commercial property insurance

To get equipped with all the business insurance you need, whether it's mandatory or not, your best bet is to work together with an expert independent insurance agent in Washington.

What Business Insurance Covers in Washington

Your business insurance policy in Washington won't come standard. That means you can customize it to your unique company's needs. So, you could choose to add many different types of coverage in addition to worker's comp or just a couple. You'll likely want to consider at least getting liability coverage, commercial property coverage, commercial vehicle coverage, cyber liability coverage, and business income coverage. A Washington independent insurance agent can recommend all the types of coverage your unique business needs in your policy.

Liability Coverage Options for Small Businesses in Washington

Having liability coverage for your Washington business is critical to protect against losses from lawsuits. Your business can get sued for any reason, which is why having a safety net of liability coverage in place is essential. Consider adding one or more of these main types of business liability coverage:

• Professional liability insurance: Pays for the cost of lawsuits if your business is accused of providing improper or inaccurate services or advice to the public.
• Commercial general liability insurance: Pays for the cost of lawsuits if a third party sues your business for personal property damage or bodily injury.
• Cyber liability insurance: Pays for the cost of lawsuits if your business falls victim to cybercrime or data breaches.

A Washington independent insurance agent will recommend the right types and amounts of liability coverage for your business.

Property Coverage Options for Small Businesses in Washington

Protecting your business's property, including buildings and inventory, against many disasters like theft, vandalism, fire, and more, is also critical. Look into the following protection for your company:

• Commercial property insurance: Pays for losses after covered incidents like fire, theft, vandalism, etc., damage or destroy company property, including physical structures and inventory.

Your Washington independent insurance agent will make sure you get set up with all the commercial property coverage your business requires. 

Other Insurance Options for Small Business Owners in Washington

Small business owners may still require more coverage for their companies. Consider adding the following coverages to your business insurance policy:

• Commercial auto insurance: If you have any company vehicles used for deliveries, etc., this coverage can pay for losses from theft, vandalism, accidents, lawsuits, and more.
• Business income insurance: If your business must temporarily close after a covered disaster like a fire, this coverage can pay for expected revenue and employee payroll during this time.

A Washington independent insurance agent will help you finish off your business insurance policy with all the coverage you need to thrive.

Average Cost of Business Insurance in Washington

The average cost of business insurance in Washington isn't easy to estimate because policies are highly customizable. If your business is larger, has more employees, requires more coverage, has a higher claims history, or is in a riskier industry like construction, you can expect that your business insurance premiums will be much higher than policies for other companies. 

Likewise, smaller companies that carry less risk through their location and operations can expect to pay much less toward their business insurance premiums. 

National Business Insurance Stats

Number of businesses in the US: 30,819,176

Burglary rate per 1,000 residents in the US: 3.76

Auto theft rate per 1,000 vehicles in the US: 2.29

City	No. of businesses	Burglaries / 1,000 people	Auto thefts / 1,000 cars
Auburn	5,518	7.34	7.44
Bellevue	16,841	2.84	2.26
Bellingham	8,104	3.51	1.25
Everett	7,335	4.43	7.34
Kennewick	5,058	4.49	2.4
Seattle	83,323	9.44	4.77
Spokane	16,564	7.9	5.8
Spokane Valley	7,097	4.78	3.53
Tacoma	13,703	8.09	7.44
Vancouver	14,222	4.79	4.37
Yakima	6,286	4.66	4.44

How Does Your Washington City Measure Up?

Bellevue, WA Common Coverage Options

Commercial property coverage: Businesses in Bellevue must have protection for their property, from physical structures to inventory. Threats like theft, arson, vandalism, fire, explosions, and more can damage or destroy company property quickly. Without this coverage, your business would have to cover repair or replacement costs out of its own pocket. 

Commercial auto coverage: If businesses in Bellevue have company vehicles that are used to make deliveries or carry out any other business tasks, they must also be protected. Commercial auto coverage can reimburse your company for repairing or replacing company vehicles that get stolen, vandalized, or otherwise damaged or destroyed. It can also reimburse you for lawsuit costs if your company vehicle gets involved in an accident.

Commercial general liability coverage: All businesses in Bellevue are vulnerable to many different kinds of lawsuits at any time. Without the right kind of liability protection, your business would have to pay the costs of hiring an attorney, going to court, and paying out a settlement, if necessary, on its own.

Seattle, WA Common Coverage Options

Commercial property coverage: Businesses in Seattle must have protection for their property, from physical structures to inventory. Threats like theft, arson, vandalism, fire, explosions, and more can quickly damage or destroy company property. Without this coverage, your business would have to cover repair or replacement costs out of its own pocket. 

Commercial auto coverage: If businesses in Seattle have company vehicles that are used to make deliveries or carry out any other business tasks, they must also be protected. Commercial auto coverage can reimburse your company for repairs or replacement to company vehicles that get stolen, vandalized, or otherwise damaged or destroyed. It can also reimburse you for lawsuit costs if your company vehicle gets involved in an accident.

Commercial general liability coverage: All businesses in Seattle are vulnerable to many different kinds of lawsuits at any time. Without the right kind of liability protection, your business would have to pay the costs of hiring an attorney, going to court, and paying out a settlement, if necessary, on its own.

Spokane, WA Common Coverage Options

Commercial property coverage: Businesses in Spokane must have protection for their property, from physical structures to inventory. Threats like theft, arson, vandalism, fire, explosions, and more can quickly damage or destroy company property. Without this coverage, your business would have to cover repair or replacement costs out of its own pocket. 

Commercial auto coverage: If businesses in Spokane have company vehicles that are used to make deliveries or carry out any other business tasks, they must also be protected. Commercial auto coverage can reimburse your company for repairs or replacement to company vehicles that get stolen, vandalized, or otherwise damaged or destroyed. It can also reimburse you for lawsuit costs if your company vehicle gets involved in an accident.

Commercial general liability coverage: All businesses in Spokane are vulnerable to many different kinds of lawsuits at any time. Without the right kind of liability protection, your business would have to pay the costs of hiring an attorney, going to court, and paying out a settlement, if necessary, on its own.

Tacoma, WA Common Coverage Options

Commercial property coverage: Businesses in Tacoma must have protection for their property, from physical structures to inventory. Threats like theft, arson, vandalism, fire, explosions, and more can quickly damage or destroy company property. Without this coverage, your business would have to cover repair or replacement costs out of its own pocket. 

Commercial auto coverage: If businesses in Tacoma have company vehicles that are used to make deliveries or carry out any other business tasks, they must also be protected. Commercial auto coverage can reimburse your company for the repair or replacement of company vehicles that get stolen, vandalized, or otherwise damaged or destroyed. It can also reimburse you for lawsuit costs if your company vehicle gets involved in an accident.

Commercial general liability coverage: All businesses in Tacoma are vulnerable to many different kinds of lawsuits at any time. Without the right kind of liability protection, your business would have to pay the costs of hiring an attorney, going to court, and paying out a settlement, if necessary, on its own.

Vancouver, WA Common Coverage Options

Commercial property coverage: Businesses in Vancouver must have protection for their property, from physical structures to inventory. Threats like theft, arson, vandalism, fire, explosions, and more can quickly damage or destroy company property. Without this coverage, your business would have to cover repair or replacement costs out of its own pocket. 

Commercial auto coverage: If businesses in Vancouver have company vehicles that are used to make deliveries or carry out any other business tasks, they must also be protected. Commercial auto coverage can reimburse your company for the repair or replacement of company vehicles that get stolen, vandalized, or otherwise damaged or destroyed. It can also reimburse you for lawsuit costs if your company vehicle gets involved in an accident.

Commercial general liability coverage: All businesses in Vancouver are vulnerable to many different kinds of lawsuits at any time. Without the right kind of liability protection, your business would have to pay the costs of hiring an attorney, going to court, and paying out a settlement, if necessary, on its own.

Popular Questions About Business Insurance in Washington